The Bank of England has revealed that cyber-attacks were the joint second most cited risk to the stability of the UK financial system with cyber-attacks increasing to a record high of 62 percent¹.
Most cyber-attacks originate from human errors within an organisation, such as an employee opening a malware-laden phishing email, or as the result of some deceptive social engineering on the part of the attacker to infiltrate malicious code inside the defences.
Most standard cyber-defences, such as firewalls and penetration testing, serve to secure the systems from external attack. Anti-virus is used by most companies, but its effectiveness is minimal in the defence against the increasingly sophisticated and bespoke cyber-attacks that can go undetected for months.
Security professionals need to change their mindset to counter these disastrous attacks. They need to carefully explore the options that can safeguard a company from damage caused by human error.
IBM’s 2017 Cost of Data Breach Study: United Kingdom² revealed it took an average of 168 days to identify a data breach and 67 days to contain it.
New technologies can detect malware before it does any damage. If the mean time to identify malware (MTTI) is less than 100 days, the average cost to identify the data breach was £1.98 million. However, if it’s greater than 100 days, the cost rises to £2.97 million.
Reducing the response time and containing a breach must become a critical priority. The rising costs of data breaches are only set to increase with GDPR in place, not to mention the severe reputational damage.
CyberHive’s Trusted Cloud is the new standard in cyber-security. This combination of hardware-based cryptography and whitelisting technology protects servers from all unauthorised activity and malware in a way that conventional solutions simply can’t match.
Designed specifically for banks, financial institutions and governments, this cloud-based solution is the only of its kind to employ the Intel Trusted Platform Module (TPM) chip which is already installed on server motherboards. The chip is a dedicated microcontroller, impervious to hacking and designed to secure hardware through integrated cryptographic keys.
Existing solutions such as Trusted Cloud are vital to financial organisations that are targeted on a daily basis as the sophistication levels of hackers continues to rise. It’s critical that banks and financial service businesses know about the breach in a matter of minutes or hours, not days.
² 2017 Cost of Data Breach Study: United Kingdom by IBM Security and Ponemon Institute (June 2017).
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